Belarus: gold and forex reserves down in March 2017

In March Belarus’ gold and foreign currency reserves went down by $6.2 million (by 0.1%), if calculated in accordance with methods of the International Monetary Fund, to total $5,016.1 billion as of April 1, the Information and PR Department of the National Bank of the Republic of Belarus reported.

In March the country’s gold and foreign currency reserves shrank by $6.2 million following the February growth by $37.3 million. The growth from the start of the year made up $88.9 million (1.8%). In national terms the volume of the gold and foreign currency reserves was down by $199.3 million (by 3.6%), to $5.409 billion as of April 1. The growth in February made up $214.2 million.

In January-February the volume of the gold and foreign currency reserves in national terms went up by $224.1 million, or by 4.3%. The main reason affecting the volume of gold and foreign currency reserves was the domestic and foreign commitments in foreign currency honored by the Belarusian government and the National Bank of Belarus and also a decreased cost of gold on the international precious metals market. Belarus’ gold and foreign exchange reserves were bolstered thanks to the revenues from selling government bonds nominated in foreign currency by the Finance Ministry and the central bank, revenues from export duties on oil and oil products, and also foreign currency purchases by the regulator via the Belarusian Currency and Stock Exchange.

In 2016 Belarus’ gold and foreign currency reserves rose by $751.4 million (by 18%), to $4.927 billion as of January 1. The country’s monetary policy for 2017 envisages the growth of gold and forex reserves by at least $500 million. (BelTA/Business World Magazine)